The decision, taken when the leaders of the various countries gathered in southern Germany on Sunday, is another step in the sanctions imposed in recent months to put pressure on Moscow.
According to White House statements, gold is Russia's second-largest export, and thus a significant source of revenue for President Vladimir Putin.
Russia accounted for 5 percent of world gold exports in 2020 and 90 percent of exports went to any of the G7 countries, according to the United States.
Cancels payments
At the same time, Bloomberg reports that Russia may need to cancel its debt repayments abroad on Sunday.
If that happens, the country will end up in a kind of unique bankruptcy where the money actually exists, but is locked in due to Western sanctions.
However, the Russian government states that it will be able to pay.